Market Overview
The worldwide Low Code Development Platform Market is anticipated to generate at a CAGR of 26.5% during the analysis period before 2027.
Nowadays, all businesses are getting influenced by digital transformation. Even people are showing more interest in the newly released digital technologies. As a result, digital solutions are increasing competition in the business. All the companies rely on these solutions to make their operations easier and save money and time. Therefore, the demand for low-code development platforms is increasing across the world in the forecast period.
The growing need for strong solutions and increasing digital transformation in the IT sector are expected to bring lucrative opportunities for the worldwide market. However, the global Low Code Development Platform Market Analysis growth might experience restraints due to its reliance on vendor-supplied customization. For instance, the global market might bring challenges for the IT department in an application development backlog.
COVID-19 Pandemic to Have a Positive Impact on the Global Market
The ongoing COVID-19 outbreak has had a positive impact on the market since the restrictions on individual movement have pushed businesses to communicate with their consumers and clients via the web, which has resulted in the development of a variety of applications (either mobile or online). Governments all over the world are also developing apps to help consumers deal with COVID-related alerts and notifications. In this aspect, LCDPs enable developers to swiftly form, develop, and deploy changes.
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Market Segmentation
By Application, BSFI Segment to Lead the Global Market
The BFSI industry requires market services and platforms on a large scale due to the voluminous information produced across these organizations. Organizations have utilized low-code development platforms and services to improve automation in customer service business processes, as customer service is the primary factor responsible for customer acquisition and retention in the BFSI market. This industry is always providing new and enhanced financial products and services to boost its company operations, making it appealing for low-code development platform providers to offer innovative solutions to the industry.
Regional Analysis
North America to Lead the Global Market
The North American region is leading the worldwide low code development platform market. The United States is the dominant country in this region. The ever-increasing number of internet users, as well as the development of mobile and web apps for business organizations, are propelling the growth of the low code development platform market in this region and are expected to do so over the study period.
Key Players
Some of the prominent players in the low code development platform market are Salesforce (U.S.), OutSystems(U.S.) and Mendix(U.S.), Google Inc., (U.S.), Caspio (U.S.), Appian (U.S.), Microsoft Corporation (U.S.), MatsSoft (U.K), K2(U.S.), Bizagi (U.K), AgilePoint (U.S.) Service now (U.S.), Kony Inc, (U.S), and TrackVia Inc. (U.S.).
Industry News
In March 2020, Appian introduced the latest version of the Appian Low-code Automation Platform. The new version provides material business impact with unified, flexible, and fast enterprise automation.
In February 2020, Salesforce absorbed Evergage, a cloud-based personalization and customer data platform.
In February 2020, Microsoft PowerApps declared the public preview for two core canvas apps, which are canvas components and PowerApps component framework.
In January 2020, Appian collaborated with Celonis to accelerate digital business process transformation.
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Low Code Development Platform Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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